What’s my RRSP contribution limit? Nov 15th

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What’s my RRSP contribution limit?

– moneysense.ca

Find out your current registered retirement savings plan (RRSP) contribution limit by using this calculator.

RRSP contribution rules highlights

Your RRSP contribution limit is based on the maximum annual RRSP contribution room set by the Canadian government, the earned income you had during the previous tax year, and any unused contribution room from previous years.

Overcontributing to your RRSP by more than $2,000 can result in a penalty of 1% per month on excess funds left in the account.

Putting money into a registered retirement savings plan (RRSP) is one of the best ways to save for retirement. Some people choose to contribute a lump sum to their RRSP, just before the annual deadline, while others prefer to contribute regularly through automatic deposits. Whichever option you choose, be aware that there’s a limit to how much you can contribute to your RRSP in any given year. The RRSP contribution room calculator above will get you the numbers you need, but keep reading for more information on RRSP contribution limits…

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